There are 3 reasons to purchase a condo over a house

For those who don't know, a condominium is like a hybrid between an apartment and a house. Like a house, you buy a condo and own it outright. But some elements of condo living are similar to apartment living. For starters, many condos are adjacent to others, so owners often share a wall and live in close proximity. And if you live in a high-rise building, your condo may be located above or below someone else’s.

If you talk to friends or family members who live in condominiums, you'll quickly find out that many people love the condo life, while some people wish they bought a house instead.

• No yard to mow
• It’s cheaper than buying a comparable house
• There is a sense of community

Published by: Bradford Miller Law, P.C.

10 S. LaSalle, Suite 2920

Chicago, IL 60603

312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

Choosing the right Property Manager

Choosing the right property management company from among the dozens in your area can seem like a daunting task. But with some careful planning and good interview techniques, you'll be well on your way to turning the complex, time-consuming job of managing your rental property into a passive (for you) revenue stream.

Before deciding which companies to put on your short list, sit down and identify your needs and goals for the property in question. Do you need full property management services, or do you want help with only certain aspects of your business, such as leasing? Do you need a manager to live on-site? Would you prefer to work with a large company that has multiple locations and lots of resources, or would you rather work with a more boutique business, where you'll likely receive more personal attention?

Once you've decided on your criteria and narrowed your search, there are some other suggestions that you need to know about the final cut:

• Company focus
• Management systems
• Cost Structure
• Availability
• Customer service

Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

When does a landlord have the right to enter the tenants unit?

Why Can the Landlord Enter?

The landlord is permitted to enter the tenant’s unit for matters related to the maintenance of the property, the sale or rental of the property, for other matters that could pose safety or health concerns or when granted the legal right to by a court of law.

Examples of situations where a landlord has a legal right to enter a tenant’s dwelling include:

To Inspect the Unit- Prior to a tenant’s move-out, the landlord has the right to inspect the unit to determine the condition of the unit.

Make Repairs- This includes making ordinary repairs, necessary repairs and repairs that have been requested specifically by the tenant.

Decorations, Alterations or Improvements- A landlord has a right to enter a tenant’s unit in for the purposes of making aesthetic changes or improvements to the unit. Adding a washer and dryer to a unit which did not previously have one would be an example of an improvement.

To Deliver Large Packages- If the tenant has received a package that is too large to fit in the tenant’s normal mailbox, the landlord has the right to deliver the package to the tenant him or herself.

To Provide Services- This includes necessary services or those that have been agreed to or requested by the tenant.

To Show the Apartment- The landlord has the right to enter the tenant’s unit to show the dwelling to prospective tenants, actual tenants who will be living in the unit once the current tenant leaves, prospective buyers, actual buyers, appraisers, mortgagees, repairmen or contractors.

Under Court Orders- A landlord can enter the unit if granted access by a court of law.

If the Tenant Has Abandoned the Premises- If the tenant has abandoned the unit, the landlord has the right to enter.

If the Tenant Has Violated Health or Safety Codes- In situations where the tenant is violating health or safety codes, the landlord has the right to enter the unit to remedy the situation.

To Issue Eviction or Ejection Notice- A landlord can enter the unit when accompanied by a law enforcement officer to issue a service of process order regarding the eviction.
The landlord must never abuse the privilege to enter the tenant’s dwelling or attempt to enter the unit to harass the tenant.


Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

What is the purpose of a Security Deposit?

What Is It Used For?

Hopefully, you will not have to use the security deposit at all and can simply return it to your fantastic tenant in full when their lease is up.

Unfortunately, it is not always that simple. A security deposit is a kind of insurance for landlords. It protects you when there is a breach of contract, the contract being the lease with your tenant. Although you are allowed to sue a tenant for the money they owe you, even if you are awarded the judgment against them, it is often impossible to actually collect this money. The security deposit offers you some buffer to soften the blow of the lost money.

You cannot keep a security deposit whenever you feel like it. Each state has certain laws regarding when you are legally allowed to keep a tenant’s security deposit. Common examples include damage to the apartment in excess of normal wear and tear and nonpayment of rent.

Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

Line of credit vs. Home Equity Loan

Sometimes it's helpful to compare and contrast different types of loans. A  Home Equity Line Of Credit (HELOC) is similar to a Home Equity Loan, but there are some important differences.

Generally, a HELOC is more flexible than a home equity loan. You only borrow what you need, and you can typically go back for more money when you need to (as long as you stay below your maximum credit limit, and as long as your lender does not cancel your line of credit unexpectedly). You might use a checkbook or payment card to access your line of credit.

With a home equity loan or "second mortgage," you do it all in one shot. You'll get the entire maximum loan amount in one lump-sum, and you'll have to pay interest on the entire loan balance. With a HELOC, on the other hand, you only owe interest on any outstanding loan balance.

Typically your monthly payments will remain the same each month with a home equity loan, and you'll have a fixed interest rate (or one that only changes periodically).

The most common line of credit for consumers is a home equity line of credit (HELOC).

Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

what is a Reverse Mortgage

A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments.

However, borrowers are required to continue paying property taxes and insurance and maintain the home according to FHA guidelines. Typically the loan does not become due as long as you live in the home as your primary residence and continue to meet all the loan obligations.

Reverse mortgage loans are commonly used to pay for home renovations, medical and daily living expenses. Homeowners who have an existing mortgage often use the reverse mortgage loan to pay off their existing mortgage and eliminate monthly mortgage payments.

A reverse mortgage loan uses a home’s equity as collateral. The amount of money the borrower can receive is determined by the age of the youngest borrower, interest rates and the lesser of the home’s appraised value, sale price and the maximum lending limit.  The funds available to you may be restricted for the first 12 months after loan closing, due to HECM requirements.  In addition, you may need to set aside additional funds from loan proceeds to pay for taxes and insurance.

The loan does not generally have to be repaid until 6 months after the last surviving homeowner moves out of the property or passes away.  At that time, the estate typically sells the home to repay the balance of the reverse mortgage and the heirs receive any remaining equity. The estate is not personally liable for any additional mortgage debt if the home sells for less than the payoff amount of the reverse mortgage loan.


Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

Prepare to sell your house

Preparation for Sale

House buyers are in an amazing situation: they are making a spectacularly expensive purchase after only 30-60 minutes of touring the product. This means that they operate based on first impressions and rapid evaluation of the spaces. And thus your house needs to hold up well to this type of evaluation. It’s worth reading a whole book on this, but to summarize quickly:

Think Open and Airy: When buyers walk in, they need to be confronted with light, space, and charm. So eliminate anything that blocks this feeling – open the curtains, clean the windows, and remove stuff like baby gates or pet crates.

Renovations: In higher-end markets, strategic renovations including a modern kitchen, knocking out unnecessary interior walls, and (oddly enough) a great front door will return more than 100% of the cost in eventual resale. The key is in watching that cost: even hiring out all the work, a new kitchen with good cabinets, stone countertops and quality fixtures should total under $25,000 rather than the $75,000 many people end up forking over.

Stage the House: If it’s empty, hire a staging company. If you still live there, remove most of your stuff and have only sparse, tasteful decor. Selected artwork, a nice table arrangement with flowers, the perfect books on the shelves, and so on. Buyers will claim that they can look past a mess, but it just isn’t true. The well-staged houses get statistically higher and faster offers, which makes it a profitable choice – especially in higher priced markets. I spent about $1600 to hire Design Matters Home, which covered design plus all the furniture rental and moving.

Photography: this is critical, cheap, and yet usually overlooked. How many real estate listings feature blurry, dim pictures of the corners of rooms taken by the listing agent running around with an iPhone for a few minutes? To do it right, you need an SLR camera with a tripod and roughly a 10-22mm wide angle lens. Or hire an affordable pro – I was able to get a great real estate photographer to shoot my house, plus process and deliver about 50 digital images for under $100.


Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

7 Steps Of Selling A House

1. Prepare to sell your house
Home selling has become more complex than it used to be. New seller disclosure statements, longer and more mysterious form agreements, and a range of environmental concerns have all emerged in the past decade.

2. Find a Realtor
In the maze of forms, financing, inspections, marketing, pricing, and negotiating, it makes sense to work with professionals who know the community and much more. Those professionals are the local Realtors who serve your area.

3. Set the list price of your home
Several factors, including market conditions and interest rates, will determine how much you can get for your home. In other words, home selling is part art, part science, part marketing, and part negotiation.

4. Market your house for maximum exposure
Your Realtor should share a marketing plan with you, but the more you know about the process of selling your home the easier it is to support your Realtor’s efforts. Make your home sell fast with these tips.

5. Negotiate a real estate offer
Perhaps the most complex moment in the sales process comes when you get an offer for your home. Whether you have one offer or several to consider, these tips will help you navigate the negotiation.

6. The art of settling
When you have a signed contract with the buyer for your home, you may feel as if you can breathe a sigh of relief. But before you can completely relax you need to get to the settlement table.

7. Plan your move
Some of the activities required to sell your home can actually help with the moving process. For example, by cleaning out closets, the basement, and the attic, you will have less to do once the home is under contract.

Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.